Template-Type: ReDIF-Article 1.0 Author-Name: Qun Wang Author-Name: Po-Hsin Ho Title: THE INITIAL RETURNS OF PROFIT-EXEMPTED IPOS IN TAIWAN Abstract: This study investigates a unique sample of firms exempted from the profitability requirement of conducting initial public offerings (IPOs) in Taiwan. From 2005–2018, 67.31% of profit-exempted IPO firms were concentrated in the chemical and bio-pharmaceutical industry. The underpricing of profit-exempted IPO firms was 5.06% lower than those of other IPO companies. Additionally, the initial returns of profitexempted IPO companies during the hot market were 18.82% higher than those of other IPO companies. In opposition to the signaling hypothesis, high-tech firms that are exempted from the profitability requirement may issue IPOs in the hot issue market and deliver optimistic messages about their future operations to mislead investors. Profit-exempted IPO companies obtain higher proceeds from IPOs by misleading investors about the true value of their firms. Therefore, this study suggests that firms exempted from the profitability requirement of conducting IPOs more closely follow the market timing hypothesis. Classification-JEL: G30, G32 Keywords: Hot Issue, Market Timing, IPOs, Profit-Exempted, Underpricing Journal: The International Journal of Business and Finance Research Pages:1-18 Volume: 16 Issue: 1 Year: 2022 File-URL: http://www.theibfr2.com/RePEc/ibf/ijbfre/ijbfr-v16n1-2022/IJBFR-V16N1-2022-1.pdf File-Format: Application/pdf Handle: RePEc:ibf:ijbfre:v:16:y:2022:i:1:p:1-18 Template-Type: ReDIF-Article 1.0 Author-Name: Arturo Rubalcava Title: IMPACT OF CANADIAN SOX ON DETERMINANTS OF EQUITY ISSUANCE COSTS FOR BOUGHT DEALS AND MARKETED UNDERWRITTEN OFFERS Abstract: This manuscript explores the effect of Canadian SOX (CSOX) on determinants of equity issuance costs (underwriting fees and offer price discount) for Canadian bought deals and marketed underwritten equity offers. CSOX is a crucial piece of legislation equivalent to the U.S. Sarbanes-Oxley Act. Bought deals and marketed underwritten offers are two methods of choice for issuing common stock by exchange-traded companies. Are the determinants of underwriting fees and price discount for both underwriting methods the same before and after the passage of Canadian law? From eleven expected determinants of underwriting fees, findings show gross offer proceeds is the only determinant significant in the pre-and post-CSOX periods for both bought deals and marketed underwritten offers. The determinant associated with stock return volatility is significant during the pre- and post-CSOX periods for bought deals only. On the other hand, from fourteen expected determinants of offer price discount, volatility of stock returns and stock spread are the only common determinant for the pre- and post-CSOX periods for bought deals only. In general, the results reveal the Canadian legislation had a different effect on determinants of issuance costs for both underwriting methods. Classification-JEL: G24, G32 Keywords: Underwriting Fees, Price Discount, Bought Deals, Marketed Underwritten Offers, Canadian SOX, Sarbanes Oxley, Seasoned Equity Offerings Journal: The International Journal of Business and Finance Research Pages: 19-33 Volume: 16 Issue: 1 Year: 2022 File-URL: http://www.theibfr2.com/RePEc/ibf/ijbfre/ijbfr-v16n1-2022/IJBFR-V16N1-2022-2.pdf File-Format: Application/pdf Handle: RePEc:ibf:ijbfre:v:16:y:2022:i:1:p:19-33 Template-Type: ReDIF-Article 1.0 Author-Name: Che-Ming Yang Author-Name: Shuo-Ming Xing Title: EVIDENCE ON RELATIONSHIPS BETWEEN OIL, GOLD, AND THE CHINA STOCK MARKET Abstract: Many studies exist on the relationship between capital markets, oil prices, and the gold price that provide many meaningful results. But the impact of oil and gold prices on the China market is rarely considered. We use variables such as the return of oil price, return of gold price, volatility index of Chicago Board Options Exchange, and exchange rate to explore their relationship with the Shanghai Securities Composite Index. Our results show the Shanghai Securities Composite Index is affected by these international factors. In addition, we calculated the threshold value for the threshold effect of oil price on the Shanghai Securities Composite Index but using the similar method, there is no threshold effect of gold price on the Shanghai Securities Composite Index. Classification-JEL: G00, G10 Keywords: Oil Price, Chinese Market, Threshold Effect Journal: The International Journal of Business and Finance Research Pages: 35-46 Volume: 16 Issue: 1 Year: 2022 File-URL: http://www.theibfr2.com/RePEc/ibf/ijbfre/ijbfr-v16n1-2022/IJBFR-V16N1-2022-3.pdf File-Format: Application/pdf Handle: RePEc:ibf:ijbfre:v:16:y:2022:i:1:p:35-46 Template-Type: ReDIF-Article 1.0 Author-Name: Adam Lai Author-Name: Lan Liu, California Title: SEASONAL VARIATIONS IN TREASURY NOTES YIELDS Abstract: We study seasonalities in the yields of Treasury notes (T-Notes) with fixed maturities of two, three, five, seven and ten years. We find that although there are a number of anecdotal patterns, only one passes the more rigorous statistical tests, which is the half-year high (March to August) versus half-year low (September to February) yield measured in terms of their ranks in a year. The results across T-Notes of different maturities also exhibit a striking resemblance. Further analysis on the yield spread of the 10- Year and 2-Year T-Notes shows that although their nominal yield differences have been similar in recent economic cycles, the percentage values of the differences have been increasing quickly especially since the 2010s due to the low levels of short-term Treasury yields. Classification-JEL: G10, G12, G14 Keywords: Seasonality, Treasury Yield, Yield Spread, Asset Pricing Journal: The International Journal of Business and Finance Research Pages:47-58 Volume: 16 Issue: 1 Year: 2022 File-URL: http://www.theibfr2.com/RePEc/ibf/ijbfre/ijbfr-v16n1-2022/IJBFR-V16N1-2022-4.pdf File-Format: Application/pdf Handle: RePEc:ibf:ijbfre:v:16:y:2022:i:1:p:47-58 Template-Type: ReDIF-Article 1.0 Author-Name: Saman Janaranjana Herath Bandara Title: NEXUS AMONG IMMIGRANTS, SELF-EMPLOYMENT, AND ECONOMIC GROWTH IN NORTH CAROLINA Abstract: The study was to scrutinize the connection of immigrants, self-employment, and economic growth in North Carolina. The study used county level data mainly from the American Consumer Survey for the period of 2010- 2017. Pooled OLS regression analysis was conducted using STATA. The results brought some significant insights. The findings highlight the significant and positive impacts of both immigrants and selfemployment to the economic growth of the state. The counties with more self- employment opportunities are more attracted by immigrants. Growth in the construction, manufacturing, and service sectors show significant and positive impacts on self-employment opportunities. The lower the average income Counties show higher rates of self-employment. Growth in the service and education sectors, lead to higher household incomes. Thus, the investment priorities in the construction, services, and education sectors can accelerate the economic growth of North Carolina. Classification-JEL: D00, D12 Keywords: Economic Growth, Immigrants, Self-Employment Journal: The International Journal of Business and Finance Research Pages: 59-69 Volume: 16 Issue: 1 Year: 2022 File-URL: http://www.theibfr2.com/RePEc/ibf/ijbfre/ijbfr-v16n1-2022/IJBFR-V16N1-2022-5.pdf File-Format: Application/pdf Handle: RePEc:ibf:ijbfre:v:16:y:2022:i:1:p:59-69 Template-Type: ReDIF-Article 1.0 Author-Name: Yi-Fang Chiang Title: CONSUMER BOYCOTT RESPONSES TO CORPORATE SOCIAL IRRESPONSIBILITY: EVIDENCE FROM TAIWAN Abstract: The irresponsible practices of financial institutions could raise concerns about damaging the environment or stakeholders’ rights, thereby prompting consumers to impose boycott sanctions. Drawing upon previous literature, this study develops a conceptual framework incorporating both external and internal antecedents of the perceived egregiousness and anticipated guilt that subsequently induce consumers’ boycott. This study collects 377 valid samples and employs structural equation model (SEM) to test the hypotheses. The findings show that negative publicity is insignificantly associated with the perceived egregiousness; however, blame attribution could generate consumers’ perceived egregiousness and, in turn, lead to consumers’ boycott. On the other hand, internal factors (i.e., self-accountability and justice restoration potential) are found to directly or indirectly influence boycott participation. Specifically, a greater extent of self-accountability will yield boycott intention via the anticipated guilt whereas justice restoration potential will directly facilitate boycotting. As expected, a higher substitute cost will reduce boycott intention. Compared with those who had prior consumption experiences, those who did not tended to reveal higher levels of boycott intention. In addition, consumers are more likely to engage in a boycott when the corporate social irresponsibility is related to a product/service crisis rather than corporate culture. Classification-JEL: M14 Keywords: Boycott, Negative Publicity, Blame Attribution, Self-Accountability, Justice Restoration Potential, Substitute Cost Journal: The International Journal of Business and Finance Research Pages:71-91 Volume: 16 Issue: 1 Year: 2022 File-URL: http://www.theibfr2.com/RePEc/ibf/ijbfre/ijbfr-v16n1-2022/IJBFR-V16N1-2022-6.pdf File-Format: Application/pdf Handle: RePEc:ibf:ijbfre:v:16:y:2022:i:1:p:71-91